Babies Are Expensive: How to Prepare for Having a Kid

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

Source: Thinkstock

Babies are expensive to take care of, and the expenses actually start before the baby is born. Before you bring your precious newborn home from the hospital, you have to purchase all the furniture, clothing, and supplies that the baby will need. Then you have to factor in the hospital costs (if applicable) and, possibly, the lost income that you might face if you decide to stay home with the baby for longer than the paid time off your company provides.

As cute as they are, babies don’t come cheap, and sometimes new parents are shocked by the amount of money that goes into taking care of a baby the first year alone. There are certain items that need to be purchased new because of safety or other concerns, but some items can be purchased used or even made, which can save money. Here are some items that you will most likely¬†need for the baby.

In addition to the hospital stay, you will probably spend a great deal of money on a few specific items. Cribs can be expensive, but you will save money by avoiding certain extras. Many new parents spend money on fancy bedding, which isn’t necessary and sometimes isn’t safe. Kid bumpers look nice, but they are risky because they can increase the chance¬†of suffocation, strangulation, or entrapment.

You should probably purchase a new crib, unless you can determine the safety of the crib you are purchasing, and even that is still risky. In 2011, new federal safety standards prohibited drop-side rail cribs, and other changes were implemented, as well. Purchasing a used crib usually isn’t worth the safety concerns.

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business